Legendary global investor and chairman of Singapore-based Rogers Holdings, Jim Rogers said he is terribly concerned about currency wars and cautions that no one has ever won a trade war. He says China is slowly opening up its currency, he would not invest in the UK neither in the banking sector. He prefers commodities that are still depressed and reiterates that money printing has never worked.
Trade wars could spell the end of the gameSpeaking to Andrea Catherwood on Bloomberg Television's "The Pulse" yesterday, Rogers said: "If the trade war gets worst, that's the end of the game. The world economy is going to be in trouble for a long time to come".
The Group of 20 nations will vow at this weekend's meeting to "refrain from competitive undervaluation" of their currencies, according to an early draft of a statement. The United States and European Union accuse China of keeping its yuan undervalued to benefit exporters, while Beijing says Washington's loose monetary policy is irresponsible.
"If the trade war continues, it's going to be the end of all of us," Rogers told Catherwood.
In the 1930s we had a trade war that led to the Great Depression and ulimately to the second World War, he said, adding "no one has ever won a trade war, everyone loses in a trade war."
Unfortunately, most politicians have not read their History or their Economics and they don't know the dire consequences of a trade war, Rogers opined.
Leia mais
Nenhum comentário:
Postar um comentário